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Search Results 0 to 49 of about 185 (some duplicates have been removed)
is going to require compromise in a different type of deficit reduction plan. given all of those virginia jobs at stake, how can you say no to any type of tax and revenue increase, even if it is paired with a greater degree of spending cuts? >> getting our fiscal house in order in washington. i saw this as being another example of washington leaders not making decisions, putting off decisions to yet another commission, which, if it failed, as it did, it would be the responsibility of the federal government, which is national defense, as well as it being what is known to be over 200,000 technology and defense jobs in virginia. what we need to do is repeal or replace obamacare. but will sit trillions in spending, and that is harmful for business. i think we need to cut out and look at where there is redundancy in government. the government accountability office has put that forward. federal government employees, we have to reward them for cost- saving ideas. in the long term, a balanced budget amendment. tim said in the last debate that this is the right thing to do. now, he has, up with a
, there are also some tax hikes here, and wouldn't that do something to decrease the deficit? >> yes, it's the only specific tax increase that-- of both candidates and if you would close the deficit and turn some of the tacks to the higher levels, and the revenues for the government, revenue enhancement. however, to cost patriotism to say a small fraction of the country will have an extra tax burden, everybody has to pay more taxes, in fact, if you combine the tax proposals of mitt romney and president obama, together you would have a patriotic plan where you're removing some of the benefits of the lower people the last 10, 15 years and then, we would have higher revenues cross the board and that would lower the deficit the most, and the other things in this that are not particularly patriotic. a lot of the obama proposals think there's a small group that can fix the problems. the thing with the car thing, we all have to pay a higher gas tax and help the deficit, and have the cars making 80 miles per hour and we're the ones driving far. >> you say you want to wave the flag for patriotism, you say t
this because they are not fixing their economic problem. you can't fix a problem of deep recession and deficits by more austerity when the economy is this weak. i think europe has a big problem. but for u.s. toward we should take it with a grain of salt. europe is slow, but we don't export that much to europe. our financial system looks very strong. i think u.s. consumer confidence at this stage is somewhat resilient to the stories. it is a bigger story for the europe than the united states. >> in the united states we have a different set of worries we are seeing warnings from big american companies about their future earnings. we ended the third quarter and already we heard from fedex, caterpillar, big global companies that are citing europe. caterpillar is citing china, as well. what are you expecting out of the earnings period that we will see in the next couple of weeks? >> there is a slow down in the global economy. off recession in europe and a slowdown in china which is more significant than the chinese gdp numbers suggest. that is rippling to countries like korea, taiwan and japan. that
paying e bill. and so i have a different approach. i believe 9 way to get the deficit down is to control the growth of mandatory spending programs and not raise taxes on the american people. you got a big difference there. >> mr. perot, one minute. >> we got to have a expanding job base to give is a growing expanded tax base. we have a deteriorating job base. we have got to really rebuild our job base. th's going to take mone for infrastur to do that. our competitors are doing that. we are not. we cannot pay off the $4 trillion debt, ance the debt and have the industries of the future, without the revenue. we will go through a period of shared sacrifice. there is one challenge. it has got to be fair. we have created a mess and don't have much to show for it and got to fix it. that's aboutall i casay in a minute. ay. the next question goes to president bush for a two-minute answer and it will be asked by sandy vanocur. >> mr. president, your secretary of the army this week said he had no plans to abide by a congressional mandate to cut u.s. forces in europe from 150 to $100,000 by the end
fought our way out of these deficits and the last 12 years when we have gone from 4 trillion dollars in debt to 16 trillion dollars today? >> i am glad you mentioned that number. it is going to cause a huge problem. if you have cancer you do not wait until it is over your whole body. get all of these things, really explain the problem, and hopefully we will get people to deal intelligently with the problem. your wife he ran on fiscal responsibility in washington, declining trust in government, in addition to nafta. the truth is we are much worse on all of those issues today than we were in 1992. gooif you look back at 1992, in part because of the world ross , they did several things. impose budget controls and taxes when they thought they were responsible. they did the right thing for the country. president bush 43 -- his term is over. whoever the next president is needs to change course, because if we do not, the problems of europe could have here. >> we are going to talk about some of these issues of 9-11 and the war and the health -- in the tax cuts of 1998, but let me take you ba
. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with the same salary next year, people here will pay much more taxes than they used to pay. so basically, yes, it's focused on a tax increase. it's really imp
on businesses and the country's wealthy as it seeks to cut the nation's budget deficit. >> in formula one, team mercedes is not going to renew michael schumacher's contract after the season is over. german chancellor angela merkel will have a formidable challenger when she seeks reelection next year. it has been announced that former finance minister peer steinbruck will be running to oppose her. >> is a sharp-witted and sharp- tongued opponent. his candidacy was announced earlier today in berlin. >> he is the spd star right now after the two other contenders made way for him. the parliamentary leader refused to run a second time, and party leader did not think he would attract enough votes, so steinbruck is said to compete against his onetime ally angela merkel for the chancellorship. >> i accept the challenge to take the spd to victory in the next election. that is our goal. we want to oust this government. >> steinbruck says he wants to head a social democrat green coalition. he has a degree in economics and is known for pragmatism and expertise in fiscal policy. he is regarded as a centrist
. the leaders of the spanish regions have agreed to a strict limit on their deficits for this year. spain's overall deficit is expected to be well above the european union target. germany prospered largest insurance company has gone public. >> is the highest initial public offering late germany in about one-and-a-half years. the chief executive officer has run in a new era for the company. they have made over half a billion euros. he says the money will be used for consolidation and he is not planning any new acquisitions in the next two years. that ipo could be a hopeful sign for shares in the coming months. our markets correspondent has more from frankfurt. >> the ipo is a sign of hope for many traders. they are hoping for more ipos to come. 20% of the german mobile phone operator will soon be sold on the stock market according to its parent company. of the ipo process is planned to start as early as this week. all of this is good news for people in the trading floors because ipos only work when there is a certain not of confidence on the markets. a certain amount of reliability. with a
the federal deficit, increase taxes and comply with spending cuts. the fed should not be doing anything else. to you agree with that? >> you know what, i don't agree with any of that. i am a part of that survey. and the bottom line is is that what i want to see his no increase in tax rate and a big spending cuts. the u.s. is spending too much. we are spending 24% of gdp. that is a huge burden on our economy. it's like -- and as a resource that usually carries 112-pound jockey having to carry a 250-pound jockey. there's no way that horse to win the race or run fast. we need to put this jockey on a diet. that's what we have to do. and raising tax rates on the course, the economy, that accomplishes the wrong thing. the way you balance the budget is you cut spending, and that will also boost growth in the u.s. economy. cheryl: i want to ask you this before we leave. this is something i kind of could not believe. we had the chief u.s. equity strategist at morgan stanley say basically we could kick qe for by the end of the year. possible? >> you know, i personally don't think so. this goes back to
with a clear, credible, concrete, and enforceable plan to deal with the structural deficit lying ahead. you need to do both. that is the only thing that makes any sense. it is the only thing that m akes sense from the standpoint of politics. >> you spoke in 1992 about the campaign, your plan sounded then a lot like some of these bowls simpson's balanced-type plants that are coming out now. you did some of everything. you did not leave out sacred cows. the one that higher taxes, higher gasoline taxes, you wanted the wealthy to pay more weather in higher taxes or not taking entitlements. do you find that willingness to day on the part of candidates to hit all the sacred cows? >> i do not see anybody doing it, do you? if somebody is doing it, i am missing it. i thought they would hope this go away and they could run on all these things when you are talking on the television. >> would it take candidate saying you'd need to do all those things, not just going after entitlements cut domestic spending, defense, but also to raise taxes? you need to do all those things, do you feel? >> we need to do
an impact on solving the deficit and our debt picture in the 1990's? things improved >> i do not want to take credit for it, but i am pleased there is a breathing period where we are going in the right direction. now we have heard it around and it is going through the roof and is inexcusable. what is interesting is that hardly ever gets discussed, and in the papers, on the media, you would think this is front- page news. it is not. >> absolutely no question that his candidacy caused president clinton to make fiscal responsibility and much higher priority. no question. clinton will tell you that. people in his administration will tell you that. he made the difference even though he did not win. the polls will also tell you in july he was leading. in addition, the exit polls will tell you that the people who voted, if they thought they could have won, they would have voted for him and he would have won. much worse today than we were then, and people know it. >> do you think we're much worse today because he was not elected? >> we have lost our way. >> that is history. we're on the edge
of the numbers that were given to us, the measures come in the forecast of deficit consideration that was expected, and we did say at the time that the timing seemed too short to us. pleased to see that this is being hurt. >> i'm jacob from the peterson institute. i guess this is sort of a follow-up question from the previous question about greece -- >> i saw you were taking notes. >> yes. my question really goes, you mention angel remarks that there should be less focus on targets rather than implement a measure. >> with respect to greece, if we go back to march and the process back then this year, there was a very specific target, maybe the long-term 127 was looming very large in that debate and you just mentioned that the role of the debt to sustain the analysis worked. but this sort of de-emphasizing of targets, should it be interpreted as the debt sustainability target in next year you're saying is less relevant perhaps for the continuing fund intervention? and if so, does that mean that the long-term debt sustainability target is ultimately going to be achieved by the direc
these deficits. [laughter] and yet, that's the most important single issue of our time. i did support the '76 measure that he told about, because we were in a deep recession and we needed some stimulation. but i will say as a democrat, i was a real piker, mr. president. in 1979 we ran a $29 billion deficit all year. this administration seems to run that every morning. and the result is exactly what we see. this economy is starting to run downhill. housing is off. last report on new purchases, it's the lowest since 1982. growth is a little over 3% now. many people are predicting a recession. and the flow of imports into this country is swamping the american people. we've got to deal with this problem, and those of us who want to be your president should tell you now what we're going to do, so you can make a judgment. >> thank you very much. we must stop now. i want to give you time for your closing statements. it's indeed time for that from each of you. we will begin with president reagan. oh, i'm sorry, mr. reagan, you had your rebuttal, and i just cut you off because our time is going. you h
. >> they came to narrow the deficit next year to 3% of national output -- date came to narrow the deficit next year. >> among the measures -- a temporary 75% income tax on earnings over 1 million euros. business also faces cuts in tax breaks. the prime minister presented the 2013 budget. >> this is a budget for social justice. and it is a budget for growth. it prepares us for the future. it is a courageous and responsible budget. >> the package includes public spending cuts of 10 billion euros. france's economy is in a precarious position. second quarter gdp was stagnant, and unemployment has just talked 3 million -- topped 3 million. the government is aiming to make good on election promises while making sure austerity does not hit france into recession -- tip france into recession. >> spanish banks will need 59 billion euros to get back on their feet according to a new report commissioned by the spanish government. >> that will help take pressure off the prime minister, who is seeking to avoid a bailout. spain says they will ask for around 40 billion euros of the total sum, while the rest ma
to saudi arabia to buy oil. that's what's added $4 trillion to our deficit. i mean, think about that. so we've created a mountain of debt for the next generation that they're going to have to pay off. >> sean: remember, under obama's watch household income has plummeted more than 8%, and he's added more debt than almost all of his predecessors combined. the president doesn't want to talk about his record because it's a record of failure. he's been disengaged from the moment he took office. not only is he not willing to meet with world leaders bike prime minister benjamin netanyahu, not willing to reach across the isle about serious matters. massive cuts and our defense are looming. the massive tax hike in history is imminent. mr. president, the solutions to those problems won't be reached by sitting on the couch of the "the view," nor found in jay-z's nightclub, nor in george clooney house. the author of a brand-new "new york times" bestseller is here. bob woodward. you said this is a moment of maximum peril. you described a president not engaged in terms of relationships to fix the problem
of savings, being moderate in consumption, for a government is not to run a deficit. for a country, virtue is to have your balance of payments, if any not in deficit. now, the anglo-saxons are more accustomed to think in systemic terms what happens if each country is as virtuous as germany is? what happens to global demand then and so on and so forth? aren't these cultural aspect glz they are, indeed. >> but they determine everyday policy, if not politics. >> rose: when you look at th the-- has dealing with this crisis and having it on the front burner perhaps not ledo, you know, the end of the euro zone, as some people feared, certainly the membership in part of the euro zone, but may very well have given some momentum to monetary and fiscal and even political union? >> definitely. definitely. the man who found-- founded the concept of the european union in the late 40s and 50s, john monet. >> rose: a frchma >> said that the integration of europe will grow through crisis. and he was very right. also in that respect. because you see, when we have a serious crisis like undoubtedly the euro
to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the economists. and it's just a question of how much they'll miss by. because this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia ar
% growth in gdp. what he's referring to the fact we're not going to let this increase the deficit. and so the growth in revenues as a result of the economic growth is going to pay for that in part, and we're also going to make the tax system flatter and fairer and simpler which is something else conservatives have wanted, which is also pro-growth. and that's the part the governor is emphasizing. >> he says don't expect any big tax cuts. first of all, you guys ought to pledge to the middle class those middle brackets. i'm not talking about the upper. the upper should lose their tax deductions and everything should be on the table. but i'm talking about the brackets that are around 15% to 28%, jim. that's where the take home is going to rise. you ought to say we're going to leave your deductions alone. we're going to take it out of the high of the upper income people because we're giving them a big tax cut. the middle class, he shouldn't even suggest they're going to be tax deductions. i wrote a column about this. i said use reagan's slogan. use reagan's slogan. all right. take-home pay, th
. the 2012 budget had 64 billion euros worth of austerity built into it. that was designed to get the deficit levels right back to those iconic levels, but they missed on their deficit star get last year and they'll miss on this year. they're hanging on to #.5% bond you this believes if not reable because austerity on top of a recessionary environment is a toxic mix. >> the ecb saying spanish bank deposits down 1.1% on the month in august, which means they're now the lowest level since april 2008. and we've got a prime minister there who has effectively said to the markets come out and short me because we're not going to go for a bailout unless webo costs go higher. and he's trying to delay aid until after the catalonia elections. and that seems like a pretty thin tight rope to walk. loan i. >> and we'll get the report on just how much money the banks need. it is suspected it will be in the 60 billion plus. but the elections on october 21st, that's rajoy's own province. and then you have the cat lo loaniloa loanian region think they're the richest region giving too much to the others. the res
have started looking over. we got current account deficit and that taps at 3.9%. was at about 4.5%. in the quarter gone by, there was a surplus of close to about $5 billion. and we just got the august trade data out, as well. imported out about 5.1%. and august trade data is more or less in line. on that note, it's back to you again. >> all right. thanks for that. gold a bit of a boost in the run up to qe being launched since -- >> yeah, consolidating. i guess we've seen a pretty positive correlation between qe and pursuing months. so i think we'll see it push higher. as we see the race to the base, it can only be good for the gold price and obviously an even more interesting place, the gold miners. >> i just want to point out this tie isn't because i'm long gold. it's actually because i'm supposed to be matching, see that, this is the -- >> you need to be in a blue tie. >> there's some yellow in there, fwr greg. should have worn a yellow shirt. >> next time. >> not that you should take any fashion advice for me. so what about the reaction to that chinese data? li has the detail
a fiscal deficit problem or whether it has to be solved. a year ago that was debated and now the debate is however going to solve the? are we going to solve it on the revenue side? are we going to to solve it on the expenditure side? there is no one who is saying we should widen the deficit. everyone exceeds to it that the real debate is about how we get it done and also the nature of the government that is the consequence of how gets them. obviously government will grow. if you shrink the budget the government will retract and that has implications to the budget. it's an ongoing debate always in america but if you think about what has been accomplished in the last year everyone knows we have to solve the problem. how to solve what has resulted in an impasse and, but the fact that everybody agrees it needs to be solved is really the most important thing. >> but it seems to me that it's a math problem and as you said, if you have got you know slow but stable growth for an extended period of time here than ultimately the raponos have to go up and expenditures have to go down. neither of w
will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different fr
that governor romney has the advantage when it comes to the issue of the debt and the deficit. wendell is live at white house this afternoon. wendell, how big is governor romney's lead on the deficit issue? >>guest: four points. a new poll, after four years of trillion dollar deficits, that may not be ohio voters' most important economic concern given they prefer president obama as governor romney as the candidate who does a better job on the economy. a spokesman said "as time progresses the field is looking like it is narrowing for them. in that sense we would rather be us than them." romney officials accuse the obama camp of spiking the ball on the 30-yard line. press secretary carney said the real question is, what would the replacement refs do if someone spiked the ball on the 30. >>shepard: that is an interesting point. chinese trade practices on the campaign trade today was a talker. >>guest: rather than the auto bailout which is usually the subject in ohio, mitt romney says that china's cheating costs jobs. he promised to crackdown on subsidies and currency manipulation. the president h
points. first of all, defense will and can make a contribution to deficit reduction. secondly, this is not the way. the sequester is the worst way to go about reducing defense spending. thirdly, the right way to do it is to go after taxes, raise tax revenue and cut the entitlement programs, which are driving long-term spending growth and debt creation in this country. it's not defense, which is on a relatively stable downward path. so, you know, i would agree that we need to cut our deficits. it's just the wrong way to do it. >> so what is the better way to do it? here we have, you know, automatic cuts coming, automatic tax increases coming. a lot of people predicting that 2013 will be a recession as a result of this. we haven't even heard from the defense companies in terms of how many jobs they're about to cut because of it. so what's the best way to do it? >> keep in mind nobody wants the sequester to happen. maybe chris and his colleagues at catos are an exception. the idea of a sequester is so awf awful, it would cut so deeply into spending, it should never happen. it's a
this month and a new tax on lottery winners. with the new budget the government aims to cut the deficit to 4.5% of the gross domestic product in 2013. it aims to lower the rate to less than 3% in 2014 to fulfill its pledge to the european union. observers say the government may face difficulties to achieve its reduction target this year. they site sluggish growth due to a deteriorating economy than many analysts had expected. let's get a check on the market. prices rose in new york overnight as they cheered spain's effort to fix troubled finances. we got some economic data and what can you tell us about that? >> before i talk about the stock market let me dpgive you the headline figures. the industrial out put fell 1.3%. that's the second straight month of decline and it is worse than whattagists had expected. second of all we also had some inflation numbers. consumer price index fell 0.3% compared with the same month last year and that's the fourth straight month of decline underscoring japan's deflationary trends eaking of e ock market trading let's check where the nikkei average is. it's
.s. to come back from a 10-6 deficit. today, you guys come back. what does this mean to you? >> not just for me, but for the all of europe, for one that remain for my four vice captains and that band, i don't know which side. this one is for all of you. >> you told me this morning that you felt seve in the team room last night. you felt that he could propel you guys to a victory today. how was his presence felt this afternoon? >> well, seve will always be present with this team. he was a big factor for this event. for the europe side. and last night when we were having that meeting, i think the boys knew that believing was the most important thing and i think they did. >> you've won a couple of major championships. you told me earlier in the week, it was very difficult to watch
the deficit in half in his first term. he's not been asked the simple basic questions by anybody. how did we get to -- >> except by univision. >> sean: one example. >> they haven't even hit him on the outright lie about libya. another anticipated obama argument, this crisis was caused by two wars and push tax cuts. that's so easily refuted. 2007, $161 billion deficit with two wars raging and bush tax cuts implemented in 2003. what romney really needs to do, though, is stress the urgency. none of this john mccain, obama will make a fine president. no. if obama is re-elected, this country is over as we know it. >> yeah. >> he needs to stay that in no uncertain terms. i say this, not because i'm a partisan, i'm scared to death of our lifetime earnings being in jeopardied, i'm scared to death of our liberty, of our prosperity. the american dream is gone. he doesn't believe in opportunity. he believes in expanding the welfare state and the dependence cycle. he believes in expanding obama phones and not putting people back to work and giving people human dignity. >> right. >> sean: i've never met
deficits. president obama says it's not a concern in the short-term. the debate tomorrow night and the obama camp there's concern that he is so smart, we won't understand what he's saying and this morning the media displays headlines that are clearly negative on governor romney. the dow will open higher again. congress is said to be working on a budget deal. that's a plus for stocks, but question, has the little guy missed this rally? we've got it all. wait till you hear herman cain go after a student heckler and wait until you see bill o'reilly on this program today. "varney & company" is about to begin. [ male announcer ] the markets keep moving. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks, options with potential opportunity, futures and forex with in-depth analysis. it's an all-you-can-eat buffet for all things trading. thinkorswim by td ameritrade. it doesn't just deliver news. it's making news. trade commission free for 60 days, plus get up to $600 when you open an account. pfollow the
Search Results 0 to 49 of about 185 (some duplicates have been removed)